Tax Filing Checklist - Documents You Need To File Your Taxes

Tax season can feel overwhelming, but being prepared makes the process much smoother. Gathering the right documents in advance not only reduces stress but also ensures you don’t miss out on valuable deductions or credits. Whether you’re filing your taxes yourself or working with a CPA, this checklist will help you stay organized and file your taxes accurately.

1. Personal Information

Start with the basics. You’ll need:

Social Security Numbers (SSN): For yourself, your spouse, and any dependents.
Taxpayer Identification Numbers (TIN): If applicable for non-resident filers.
Bank Account Information: Routing and account numbers for tax payment and/or direct deposit of refunds.

2. Income Documents

The IRS requires you to report all income. Common documents include:

W-2 Forms: For employees, provided by your employer.
1099 Forms: For non-employment income, including:
- 1099-NEC for independent contractors.
- 1099-MISC for other income types like royalties or rent.
- 1099-K for payment card and third-party transactions (e.g., from platforms like PayPal or Venmo).
K-1 Forms: For income from partnerships, S-corporations, estates, or trusts.
Investment Income Documents:
- 1099-DIV for dividends.
- 1099-INT for interest income.
- 1099-B for stock or cryptocurrency sales.
Rental Income: Records of rental earnings and related expenses.

3. Deduction and Credit Documentation

To maximize your tax savings, gather records for deductions and credits you qualify for:

Homeownership:
- 1098 Form for mortgage interest.
- Property tax statements.
- Closing documents for new purchases or sales.
Education:
- 1098-T for tuition payments.
- 1098-E for student loan interest.
Childcare Expenses:
- Statements from daycare providers with their TIN or EIN.
Charitable Contributions:
- Receipts for cash and non-cash donations.
Medical Expenses:
- Bills, receipts, or statements for out-of-pocket medical costs.

4. Self-Employment and Business Income

If you’re self-employed, a freelancer, or a small business owner, you’ll need additional documentation:

Income Records: Invoices, payment platform statements, or bookkeeping records.
Expense Records: Receipts for business-related expenses, such as:
- Office supplies, utilities, and rent.
- Marketing and advertising costs.
- Travel expenses, including mileage logs.
1099 Forms: From clients who paid you $600 or more.

5. Retirement and Savings Contributions

Don’t forget to report contributions to retirement accounts or savings plans:

Form 5498: For IRA contributions.
HSA Contribution Statements: If you contribute to a Health Savings Account.
Withdrawal Forms: 1099-R for retirement account distributions.

6. Proof of Estimated Tax Payments

If you made quarterly estimated tax payments during the year, you’ll need to include:

Payment Receipts: From IRS Direct Pay or EFTPS.
State Estimated Tax Payments

7. Prior Year Tax Return

Having a copy of your previous year’s tax return is helpful for reference. It can provide:

Carryovers: Information about unused deductions or credits, such as capital losses or charitable contribution carryovers.
Baseline Data: To ensure consistency and avoid missing income sources.

8. Other Relevant Documents

Depending on your situation, you may need additional documents, such as:

Unemployment Income: 1099-G form.
Alimony Payments: For agreements finalized before 2019.
Foreign Income Statements: If applicable.

Get Organized and File with Confidence

Staying organized and gathering all necessary documents before filing your taxes saves time and reduces errors. At Wong CPA Advisory, we work with individuals, families, and small business owners to ensure nothing is overlooked, maximizing your deductions and credits while keeping you compliant with IRS regulations.

If you’re ready for a stress-free tax season, reach out to us today to schedule a consultation. Let us help you make this year’s tax filing process smooth, accurate, and rewarding!